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Economist fears Bahamians left ‘holding the bag’ by Gov’t BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A BAHAMIAN economist yesterday voiced renewed fears that taxpayers will be “left holding the bag” after Moody’s “dropped some red flags” in its latest evaluation of the Government’s finances. Therese Turner-Jones, who from 2017 to 2021 served as general manager for the Inter-American Development Bank’s Caribbean group country department, told Tribune Business that the rating agency’s Bahamas assessment published earlier this week subtly signalled it was sceptical about the touted $39.3m Budget surplus and revenue gains that drove it. Moody’s described that figure, which measures by how much revenues exceeded the Government’s spending during the 2025-2026 fiscal year, as “preliminary” while

Ex-IDB executive says Moody’s ‘dropped some red flags’ Gov’t’s huge public entity dividend windfall ‘extraordinary’ Brands fiscal transparency as ‘very cloak and dagger-ish’ also asserting that June’s dividend payouts from public corporations - and the 120 percent year-over-year VAT increase - must be repeated annually to make a Budget surplus sustainable. Ms Turner-Jones branded the near-$127m year-overyear increase in dividend income received by the Government during the 2025-2026 fiscal year, which hit a total $169m, as “extraordinary” given that virtually all public corporations such as Bahamas

Power & Light (BPL) and Water & Sewerage are perennial loss-makers that rarely, if ever, turn a profit. And she also challenged how The Bahamas’ national debt could increase by just over $1bn during the 20252026 fiscal year, as revealed by the Central Bank, yet the Government was still able to achieve a Budget surplus. “That doesn’t make any arithmetical sense,” Ms Turner-Jones argued.

RESIDENTS living near a 13-storey Cable Beach condominium development proposed by an Island Luck co-founder last night voiced concerns over traffic congestion, parking shortages and the potential impact of construction on their properties.

THERESE TURNER-JONES The discrepancy between the Budget surplus and $1bn debt increase could be explained by the Government’s modified cash basis of accounting, which only records expenditure when monies are spent, if the net $700m borrowing was deposited in the National Investment Fund or other bank accounts and not used. However, Ms Turner-Jones argued that Bahamians are not being given a full picture of how the country’s finances are being managed, asserting

MANAGEMENT - See Page B5

The project planned by Adrian Fox’s Fox Group of Companies, which would feature 64 residential units alongside restaurant and other commercial amenities, came under scrutiny at a Town Planning Committee public consultation. It would be located immediately west of Sandals Royal Bahamian on what appears to be the former Cable Beach Manor site.

DEVELOP - See Page B4

Port’s early 2027 mixed as it moves on harbour repair BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net NASSAU’S main commercial shipping port was slightly behind forecast on several key financial indicators for the first two months of its 2027 financial year, it has been revealed, as it takes the lead on repairing critical harbour’s defences. Arawak Port Development Company (APD), the BISX-listed operator of the Nassau Container Port, disclosed in its just-released

2026 annual report that while revenues were around 2 percent ahead of projections for the two months to end-August other performance indicators were behind forecast pace. Total container, or twenty-foot equivalent (TEU) volumes, were 1 percent behind forecast for the first two months of a year in which APD is predicting a near-3,000 or 1.9 percent increase to 160,000 for the full 12 months. And the port operator’s operating

SAIL - See Page B9

IMF-beating 3% growth forecast by Central Bank BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE CENTRAL Bank expects the Bahamian economy to grow by more than 3 per cent in 2026, its Governor said yesterday, while warning that rising energy costs and global uncertainties continue to pose threats. John Rolle, speaking at the regulator’s 2026 third quarter economic briefing, signalled the Central Bank’s confidence that the Bahamian economy will both outperform the International Monetary Fund’s (IMF) 2.6 percent gross domestic product (GDP) growth forecast for 2026 and its projected long-run

JOHN ROLLE average of around 1.5 percent. He added that the Bahamian economy expanded at a healthy pace during the first nine months of the year, supported by accelerating tourism activity and sustained foreign direct

EXPANSION - See Page B9

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Mortgage lending ‘on life support’ as approval rate dips below 50% in ‘26 Home loan go-aheads ‘soften’ 8.3 % pts to just 45.6%

Residents voice concern on Adrian Fox’s condo project BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net

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FOX GROUP 13-STOREY CONDOMINIUM BUILDING PLANS

But commercial loan bright spot as applications up 22% Credit quality ‘not improving but not going backwards’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net MORTGAGE lending is “in life support” until Bahamians correct their borrowing habits and over-indebtedness, GOWON BOWE a banker warned yesterday, after less than half of new home loan applications were approved during the 2026 first-half. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the mortgage market has not seen “any life breathed into it” with the ability of many home buyers to access loans impaired by high levels of existing debt and poor credit qualities and histories. Speaking after the Central Bank of The Bahamas revealed that mortgage applications for the six months to end-June fell by 5.9 percent year-over-year, while the approval rate “softened by 8.3 percentage points” to just 45.6 percent, he said: “Mortgages have not had any life breathed into that sector. “That’s literally a sector on life support. Until we see a correction of credit quality on consumer loans, we will not see any improvement on the mortgage side because people have gorged themselves on the consumer side. They are virtually counting themselves out of the mortgage process. “If they have $100,000 in unsecured consumer debt, getting a mortgage loan for $250,000, which is the minimum they need to have, will be quite a challenge, and this is what

LEND - See Page B5

PAGE 2, Friday, October 30, 2026

THE TRIBUNE

Investing in worker health a sound business decision

n today’s competitive business environment, employers are increasingly recognising that their most valuable asset is not their buildings, equipment or financial resources, but their people. A healthy workforce is a productive workforce, and creating a health-conscious workplace should be an important part of every company’s strategy for long-term success. In The Bahamas, where many employees spend extended hours sitting behind desks, working in demanding service environments or balancing multiple responsibilities, workplace wellness deserves greater

attention. Unhealthy eating habits, physical inactivity, stress, inadequate sleep and chronic illnesses such as hypertension and diabetes can affect employee performance, attendance, morale and overall quality of life. Investing in employee wellness is not simply a generous gesture; it is a sound business decision. Healthy employees are generally more energetic, focused, engaged and better equipped to manage workplace demands. Businesses can also benefit from reduced absenteeism, improved staff retention, stronger teamwork and

potentially lower healthcare-related costs. Employers do not necessarily need expensive wellness programmes to make a difference. Small, consistent initiatives can help cultivate a workplace culture where healthy living becomes an corporate priority. Here are seven practical tips employers can implement: 1. Encourage physical activity. Introduce walking challenges, lunch-time exercise sessions, workplace stretching breaks or discounted gym memberships. Even encouraging employees to take a short walk

IAN FERGUSON during breaks can make a difference. 2. Promote healthy eating. Provide healthier food choices at staff meetings and workplace functions. Encourage employees to bring nutritious lunches,

drink more water and reduce their consumption of sugary drinks and highly processed foods. 3. Make health screenings accessible. Partner with local healthcare providers to organise periodic blood pressure, blood sugar, cholesterol and other preventive health screenings. Early detection can help employees address potential health concerns. 4. Prioritise mental health. Create an environment where employees feel comfortable discussing stress and emotional well-being. Encourage reasonable workloads, open communication, counselling resources and appropriate time away from work. 5. Establish work-life balance. Respect employees' personal time, discourage unnecessary after-hours communication and provide

Workers certified for finishing environment oversight training THIRTY-six environmental workers have received certificates after completing Management Effectiveness Tracking Tool (METT) training at the Prime Minister’s Office. The workshop, hosted by the Bahamas Project for Marine Conservation (BPMC), marked the completion of several months’ work spent assessing 70 Marine Protected Areas (MPAs) across The Bahamas. The METT is the third of three milestones that the BPMC has to achieve over a 15-year marine conservation initiative. It said the METT focuses on developing management plans for marine protected areas, and identifying a baseline against which its project will be measured over the 15 years. The project management unit (PMU), based in the Prime Minister’s Office, oversaw workshop and meeting planning throughout the year to meet the project targets. Jacklyn

Chisholm-Lightbourne, PMU monitoring and evaluation consultant, said the training was a capacity-building workshop to ensure continuity as the project progresses in completing future METT assessments. “We took the same group of persons from the previous METT workshops, and now we have a cohort of individuals who are trained to continue the management effectiveness assessments of protected areas,” she said. “The management authorities are ensuring, through climate smart management plans and rapid ecological assessments (REAs), that they are doing the work required for protected area management.” An initial introduction and overview of the METT was presented during a conference in March held by the PMU and project partners from the Bahamas National Trust (BNT), Department of Marine Resources (DMR), Forestry

Unit, Department of Environmental Planning and Protection (DEPP) and Bahamas Protected Areas Fund (BPAF). The first METT workshop was held in June, where the process of assessing 27 MPAs began. Another 23 sites were evaluated at the second workshop held in July, and the remaining 20 sites were assessed during sessions held between August and September. The five-month process included conservation experts, park wardens and technical specialists from environmental groups, who collaborated to gather and compile data on MPAs across The Bahamas. The evaluations were conducted using the internationally-standardised METT, which allows for a clearer picture of existing strengths and challenges, and identifies areas needing improvement. The BNT played a critical role as the organisation responsible for 23 MPAs across The Bahamas.

Representatives from the environmental non-profit organisation provided existing data and information from previous assessments, which was used to help strengthen park management overall. Ellsworth Weir, the BNT’s director of parks, said some of the 70 MPAs have not yet been assigned to a management authority. He added that improvements and better implementation are being explored. “We looked at various areas, trying to assess what the threats are. Key threats can include poaching, climate change, even vessel groundings. There are any number of issues, and we

try to look at each area by island - or by clusters of islands - to determine what the issues are that they might face. Then we brainstorm to find ways to mitigate these issues,” Mr Weir said. The third and final METT session was held earliert this month to ‘train the trainers’. Participants reviewed site assessment reports, and discussed ways to strengthen management effectiveness. Rich Wilson, the Inter-American Development Bank (IDB) consultant for the project, from Seatone Consulting, led the three-day workshop, equipping participants to conduct future METT

reasonable flexibility where operationally possible. 6. Lead by example. Managers and supervisors should actively participate in wellness initiatives. Employees are more likely to embrace healthy habits when leadership demonstrates a genuine commitment to them. 7. Recognise and reward healthy choices. Introduce friendly wellness competitions, team challenges, incentives and recognition programmes that celebrate participation and progress rather than perfection. Ultimately, building a health-conscious workplace requires a shift in company thinking. Bahamian employers must recognise that employee wellness is an investment, not an expense. When businesses

WELLNESS - See Page B5 assessments. He explained that the goal was to move “from METT to action” as this phase of the project comes to an end. The next step is developing a climate smart management plan and national mangrove management plan. Ms Chisholm-Lightbourne, who organised all the METT workshops over the past year, said the future looks bright for the project as the BPMC moves into its forurth year. “The advantage of having the METT completed is that we now know where the gaps are, we know what the financial concerns are, we know what some of the ecological concerns are, what the struggles are, and what is required,” she added. “So now the action beyond this point is that we take those concerns and we put them into management action, with the right funding and resources for the parks to move forward and benefit The Bahamas in terms of resources, tourism, fisheries and everything else.”

THE TRIBUNE

Friday, October 30, 2026, PAGE 3

Sand Dollar used in under 1% of retail transactions BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE BAHAMIAN digital currency, the Sand Dollar, continues to account for less than 1 per cent of retail transactions in this nation despite the existence of between120,000 and 130,000 digital wallets, the Central Bank’s governor said yesterday. John Rolle, addressing its 2026 third quarter economic briefing, said the Central Bank is eyeing the new fast-payments system and expanded merchant acceptance to drive wider adoption.

He added that use of the Sand Dollar remains modest, with most wallet holders conducting relatively few and low-value transactions because of limitations in the number of merchants accepting digital payments. Mr Rolle said the Central Bank is working on developing an instant or fast-payment system that will make the Sand Dollar more readily accessible to businesses already receiving electronic and card payments, while also allowing consumers to make direct payments between bank accounts and digital wallets. "We see modest growth in terms of use of Sand

Dollars," said Mr Rolle. "I think we still see about maybe less than 1 percent of total retail transactions in The Bahamas taking place through digital wallets." He added that the main constraint is not the connection between digital wallets and the banking system, but the limited merchant network through which consumers can spend Sand Dollars. "The next important movement is to strengthen and build out the merchant ecosystem," said Mr Rolle. The Central Bank has been developing fast-payment infrastructure to make electronic transactions more seamless, allowing

Central Bank targets 2027 over consumer protection BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE CENTRAL Bank is targeting 2027 for public consultation on proposed consumer financial protection measures, as it advances a multi-year programme that could eventually lead to new legislation governing how financial institutions treat customers. John Rolle, its Governor, said the regulator expects to intensify work on the framework next year, with the possibility of bringing proposed measures to the public for consultation as it seeks to strengthen

protections within the financial services sector. The initiative is expected to address the broader framework governing financial consumer protection, including areas where more defined legislation could be introduced to establish clearer safeguards for banking customers. Mr Rolle said the programme will be an ongoing undertaking rather than a one-off exercise, with work expected to continue beyond 2027. "The Central Bank does have a multi-year programme in terms of building out a consumer financial protection framework for The Bahamas," he said.

"We expect that going into 2027, there'll be more work around it, and hopefully we could even get to the stage next year where there is public consultation on what some of those proposed frameworks would look like." Mr Rolle said the proposed framework could also identify areas where more specific legislation may be necessary, particularly in relation to the financial aspects of consumer protection. Alongside that work, the Central Bank is preparing to issue its final agency banking consultation framework within the next two to three weeks, providing financial institutions

Get Bahamians more involved to increase tourism’s benefits BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE CENTRAL Bank’s Governor yesterday asserted The Bahamas could generate greater economic value from its existing tourism industry by getting more local businesses involved in supplying the activities and services visitors purchase. John Rolle said increasing Bahamian participation in the tourism sector could boost the country's measured economic output even without an increase in visitor arrivals by allowing more of the money already being spent by tourists to

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remain within the domestic economy. He said The Bahamas’ ability to retain more value from tourism depends not only on attracting additional visitors, but also on increasing the extent to which Bahamian businesses and individuals supply the goods, services and experiences being purchased. "To some extent, increasing local participation works in your country's advantage because the way we look at the value of our economy is the sum of everything that we are currently earning, and we subtract from that the amount that you have to pay to others who are providing inputs," said Mr Rolle.

He explained that when more of the inputs used in producing goods and services are supplied from The Bahamas rather than imported, a greater share of economic value is retained in the country. "The mere fact that you're able to have locals be providing more of the input means that you could see a boost in what you're measuring as GDP," he said. Mr Rolle identified tourism as a particularly important area for expanding Bahamian participation because of the range of recreational, cultural and entertainment experiences visitors can potentially

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payments to move directly between bank accounts across different financial institutions, as well as between bank accounts and digital wallets. Mr Rolle said the system would transform the pointof-sale payment experience and allow businesses to receive funds immediately without the holds or delays that can accompany some existing payment arrangements. The Central Bank is also working to identify a technology provider to upgrade the Government's payment infrastructure, with the aim of having the public sector fully equipped to accept Sand Dollars during 2027.

Mr Rolle described government participation as particularly important because of its position as the country's largest merchant. "The Government is the largest merchant in The Bahamas, in any country, and so we're going to have that merchant over the course of 2027 fully equipped to operate with Sand Dollar," he said. He added that the Government's integration with the fast-payment infrastructure will help make the Bahamian digital currency more accessible to consumers while expanding the number of places where it could be used. Mr Rolle said the digital wallet system already allows funds to move between bank accounts and wallets through the Automated Clearing House (ACH), but broader adoption would depend on making payments more convenient for merchants and consumers. He also acknowledged that digital wallets remain

a relatively new experience for many Bahamians, with the current level of usage reflecting the limited opportunities available to spend the currency. Asked how much currency was circulating in the wallets, Mr Rolle said he did not have the precise figures available, but indicated that annual digital wallet transactions exceeded $50m. However, he cautioned against treating the number of wallets as an indication of widespread transaction activity, explaining that the average user was still conducting a small number of low-value transactions. The Central Bank's planned fast-payment system is therefore expected to play a significant role in the next stage of the Sand Dollar's development, particularly by connecting more merchants and making digital payments easier to accept across the economy.

with clearer guidance on appointing third-party agents to deliver certain banking services. Mr Rolle said much of the groundwork for the framework had already been completed, with the final version expected to give financial institutions greater structure around how they outsource aspects of their operations. Agency banking is intended to allow banks and other financial institutions to extend their reach through arrangements with other entities that can provide certain services on their behalf. Mr Rolle said some financial institutions are already partnering with other financial entities to provide services in the Family Islands, but the Central Bank wanted to see those arrangements expanded within a more structured regulatory framework.

"We want to see them be able to do more of that in structured ways," he said. The framework could therefore provide opportunities to improve access to financial services in communities where traditional banking infrastructure is more limited. The Governor also addressed concerns surrounding the time it takes to open bank accounts, particularly for businesses, adding an updated study examining the process will be released shortly. He said the Central Bank had already observed improvements in the time required for individuals to open accounts, although establishing accounts for businesses remained a greater challenge. "When we did the update, I think the second iteration of that process, we already were able to see that the

wait time was reducing," said Mr Rolle. However, he said the greater challenge remained the process of opening accounts for businesses, which can involve more extensive due diligence requirements. Mr Rolle said improving the country's public information infrastructure, including the availability of reliable records used to verify individuals and businesses, was also important to making the process more efficient. The Central Bank, he added, remained open to examining whether its regulatory requirements could be better tailored to the risk profiles of different customers, while maintaining the safeguards necessary to protect the financial system against money laundering and other financial crimes.

purchase outside traditional hotel and cruise offerings. He added that opportunities existed for Bahamian businesses to become more involved in activities taking place on the water, underwater, within the natural environment and through local arts and entertainment. "One of the areas where the emphasis in terms of increasing local participation is incredibly important is in tourism because it is a recreational activity," Mr Rolle said. He argued that strengthening linkages between tourism and locally-owned businesses did not necessarily require an increase in visitor numbers, but rather a greater ability for Bahamians to supply the experiences and services

tourists were already spending money on. "When we talk about increasing the linkages to the tourism sector, it's recognising that the money is already being spent," said Mr Rolle. "So you just need to be able to substitute more of what is being spent on as being supplied by locals." He said increasing the involvement of Bahamians in recreational activities, cultural experiences and other visitor offerings could improve the amount of economic activity retained domestically, separate from any additional growth in hotel or cruise arrivals. Mr Rolle's comments came as the Central Bank reported stronger tourism performance during the first nine months of 2026, with

stopover earnings growing at a faster pace than in 2025. The Central Bank said the improvement was supported by rebounding visitor volumes, increased hotel occupancy levels and higher room rates, while the vacation rental market also recorded expanded sales and increased pricing alongside a larger inventory of available listings. Cruise activity also continued to expand at a healthy pace, supported by ongoing investment in private cruise destinations. Mr Rolle said increasing Bahamian participation will allow The Bahamas to derive greater economic benefit from that existing visitor spending, while strengthening the domestic economy's contribution to the tourism industry.

PAGE 4, Friday, October 30, 2026

THE TRIBUNE

Traffic, parking and building worries on Island Luck co-founder’s venture DEVELOP - from page B1 It would be based behind an existing office complex near Towers of Cable Beach, and an attorney representing residents of the latter told the consultation her clients are particularly concerned about the structural impact construction could have on their buildings, which date back to 1959. “My clients have already indicated that they intend to have a survey done,” she said, adding that she wanted to know whether Fox Group would also commission structural surveys that could be compared to determine the potential effects of the development on neighbouring buildings. “I would like to hear that the Fox Group is carrying out such surveys that can be compared, so that we can see what those impacts might be, and proper adjustments are made, accommodations are made, to prevent any material implication for my clients’ buildings,” she said. The attorney also raised concerns about the effects of construction on residents, including vibrations, dust, noise and the movement of heavy trucks, questioning what restrictions will be imposed on working hours and how those activities would be monitored. “These are private residences. These are people who live there. Their families are there. That’s where they live day and night,” she said. She also questioned whether construction-related dust could affect residents’ health, recounting how renovation work at her own home had triggered asthma symptoms in a member of her household. The attorney said more than 85 per cent of people living at Towers of Cable Beach were permanent residents, while others occupied

units under long-term leases. She further questioned whether the proposed restaurant and bar would have operating hours appropriate for the surrounding residential community, warning that noise could become another source of disruption. Parking was another major concern raised during the consultation, with residents questioning whether the proposed 86 spaces will adequately accommodate condominium owners, employees, visitors and customers using the development’s amenities. One participant argued that buyers of expensive condominium units will likely require two parking spaces each, meaning the 64 proposed units could generate demand for 128 spaces before accounting for restaurant customers and employees. “These are going to be expensive apartments. No one’s going to buy an expensive apartment if they’re only near 1.3 parking spaces. People are going to need two parking spaces,” the resident said. “By my maths, you need 128 parking spaces. You’ve got a gym, you’ve got a restaurant, you’ve got offices. This 13 storeys, to me, is not fit for purpose. It’s just too big for the available parking spaces.” The attorney representing Towers of Cable Beach also warned against parking spilling on to surrounding roads, pointing to problems experienced at the nearby GoldWynn Resorts and Residences development at Goodman’s Bay where existing road space had been taken up to accommodate vehicles. “We don’t want to see that happen again,” she said, adding that residents should not have to endure further inconvenience and

discomfort because of insufficient parking provision. Albert Saunders, architect for the Fox Group development, clarified that the 86 spaces proposed for the condominium would be separate from 42 spaces being developed for the existing office complex. However, residents continued to question whether the condominium’s allocation will be sufficient for residents, employees and restaurant customers. Mr Saunders said the 86 spaces were intended to serve the development as a whole and confirmed that construction workers and employees would also park on-site. A suggestion that underground parking be considered was also raised, but Mr Saunders said it had not been considered at this stage. Residents questioned how the new development will affect traffic along the Cable Beach strip, which they said was already experiencing significant congestion, particularly with Prospect Ridge Road closed. Mr Saunders said reopening Prospect Ridge Road was not something the developer had considered, as it was a government matter. Town Planning representatives said the developer will be required to communicate with the Ministry of Works, and undertake a road assessment, to determine how traffic flow could best be managed in the area. Concerns were also raised about the technical details of construction, including the type of piling that would be used and the potential for vibrations to affect neighbouring buildings. Mr Saunders said the Fox Group had not yet completed the geotechnical survey needed to determine how deep the foundations would have to go. Based on

his experience with equipment available locally, he said auger piles would likely be used. However, residents questioned why the developer had not brought a contractor or other technical representative to explain the proposed construction methods and provide assurances about potential impacts. One participant questioned how the consultation could meaningfully assess the project without more information about its economic, environmental and construction implications. “Wouldn’t that then ascertain what Town Planning can do, and what the environmental department can do, and what approvals you would need?” the resident asked. “Why are we here?” Mr Saunders explained that detailed construction documents would be prepared after the site plan approval process, saying the developer had not yet started that work because it had not received permission to build. A Town Planning representative defended the preliminary nature of the consultation, explaining that developers were not expected to spend money on detailed engineering work before knowing whether the proposed land use and development could be approved. Another official said the Committee could impose conditions or require changes to the proposal, including reducing its height if the site could not accommodate 13 floors. “We may say, after our meeting, that we don’t believe that the land capacity could ratify 13 floors, and we may say you need to cut it to ten floors,” the official said, noting that similar changes had been required of other developments. The official added that parking was among the issues that would have to be addressed before approval was granted, explaining that if the proposed building

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could not accommodate adequate parking, the Committee would not approve it as submitted. Town Planning representatives also explained that site plan approval was only the initial stage of the process, with further environmental assessments and building approval requirements to follow. Asked whether the plans would have to be revised if subsequent environmental assessments found that neighbouring buildings could not withstand the vibration from piling, an official confirmed that changes could be required. The attorney representing Towers of Cable Beach stressed that her clients wanted to remain involved as the project progressed and receive information about the assessments being undertaken. “What we don’t want is for it to be signed off one and done, and the next thing we know about this massive building, my clients have structural cracks. You know, people are getting sick,” she said. She said her clients were willing to share their own findings with the authorities but wanted assurances that their concerns would be considered throughout the approval process. Mr Saunders also faced questions about the proposed development’s electricity requirements, with residents asking whether it would rely entirely on Bahamas Power & Light (BPL) or incorporate alternative energy sources. He replied that the Fox Group would complete its plans and submit them to BPL and Bahamas Grid Company to determine whether the existing network can accommodate the project. No alternative power sources have been proposed at this stage. Other questions concerned the proposed restaurant’s operating hours, the number of employees expected to be hired and whether the development’s amenities will be available to non-residents through a membership arrangement. Mr Saunders said those details were still being worked out. Residents also sought clarification on the location of the high-water mark and the distance between the proposed building and the beach. Mr Saunders estimated that the development

would be about 80 feet from the rear property boundary but acknowledged that the high-water mark was not shown on the site plan presented. The Fox Group is also proposing repairing the seawall along its property boundary, Mr Saunders said, while officials indicated that further information about property boundaries and beach access would be provided. The proposed development is expected to take between 24 and 30 months to construct once the necessary approvals are obtained. Town Planning representatives said the Committee’s decision and any conditions attached to an approval would be circulated to participants who provided their e-mail addresses, while further objections could be submitted as the process continued. Fox Group’s website says it has four real estate projects, worth a combined $350m, in the development pipeline. These are the Cable Beach Hotels and Residences, Discovery Island, Vistonian and Foxview, the latter of which is said to have been completed. The first two, Cable Beach Hotels and Residences and Discovery Island, appear to form the project that Mr Fox and the Fox Group signed a Heads of Agreement with the Government for in February 2025. This was for a $300m project billed as creating up to 1,000 permanent jobs. They at the time confirmed plans to develop the former Cable Beach Manor apartments immediately to the west of Sandals Royal Bahamian into a mixeduse resort complex plus transform part of nearby Balmoral Island into “a recreational paradise” featuring a 100-slip marina, 23 land and over-water cottages, helipad and seaplane docking facilities. Mr Fox had also revealed to Tribune Business in October 2021 his desire to transform the former Cable Beach Manor site into a $100m European-style boutique resort that would create 300 full-time jobs. But, given that the condo project before the Departmnent of Physical Planning appears to be targeted at the same location, it appears the plans may have changed again.

THE TRIBUNE

Friday, October 30, 2026, PAGE 5

Bahamas ‘again gotten off lightly’ over off-the-books expenditures MANAGEMENT - from page B1

that “the transparency is definitely not there as to what’s going on” and called for greater disclosure from the Government so the numbers “make sense”. Given unanswered concerns over off-the-books spending by the Government, including the National Investment Fund’s $311m outlay and possibility up to $965m may have been deposited in accounts in its name; the $728.7m loaned to state agencies that have no income to repay these advances; and public-private partnership (PPP) liabilities that are starting to “crystallise”, Ms Turner-Jones signalled that Bahamian taxpayers may be on the hook for millions in unknown liabilities. And, while describing the Moody’s Bahamas assessment as “a little bit sharper” than those by its counterparts, Standard & Poor’s (S&P) and Fitch, she argued that this nation has again “gotten off lightly” through “another get-out-of-jail” credit report that largely ignored fiscal governance and off-the-books spending concerns. “I think that again they are dropping some red flags,” Ms Turner-Jones told Tribune Business of Moody’s codified, cautious language. “The whole point about what it takes to get an upgrade is pretty clear more sustainable revenue, a more predictable downward trajectory with the debt, which means put a hold on some of the expenditures.

“They didn’t do a deep dive into the expenditures, but this government has not outlined any fiscal consolidation measures of any sort. It seems that whatever revenue they get in they try to spend while trying to keep a little surplus. “The surplus number, all of us are trying to wrap our heads around how the debt increased but they still ran a surplus, and they still need to borrow at the extent to which they are borrowing. Why is the debt rising so much? I just don’t know if what we are seeing is actually there.” Moody’s signalled that the Davis administration will need to turn June’s revenue spike - driven by the collection of VAT arrears and dividend payments from public corporations - into a consistent annual event rather than just a one-off improvement or one-off gains if it is to regularly achieve an annual Budget surplus. “The full-year surplus also benefited from a strong June outturn, including VAT arrears collections and dividend receipts, much of which the Government applied to settling outstanding obligations. The durability of revenue gains, rather than the headline surplus alone, will therefore be important to assessing the underlying fiscal improvement,” the rating agency asserted. Ms Turner-Jones told this newspaper that Moody’s report was “much more highlighting of the vulnerabilities” of The Bahamas,

Persons ‘virtually counted out’ of home market by consumer debt LEND - from page B1 the survey demonstrates.” The reduction in new mortgage approvals threatens to further slow the Bahamian housing market, impacting not just banks but realtors, attorneys and all industries that service the home sector. The Central Bank’s 2026 first half lending conditions survey, results for which were unveiled yesterday as part of the regulator’s third quarter economic update, revealed that close to 15 percent of loan applications - between one in six and one in seven - were denied during the six months to end-June 2026. The data indicated a slight softening in the market, with total new loan applications received by Bahamian commercial banks - some 18,291 - down by 4.1 percent for the 2026 first half compared to the year-before period. Total approved applications stood at 15,604, meaning 2,658 were rejected for an 85.3 percent approval rate, with the number approved some 0.3 percent less than in 2025. “Bank lending conditions moderated during the first half of 2026, relative to the comparative period of 2025, underpinned by a decline in credit demand,” the Central Bank said. “Approximately 14.7 percent of loan applications received were denied, with the main reasons cited including ‘other’ miscellaneous reasons, high debt service ratio (DSR), insufficient job tenure and prior loan delinquencies.”

Consumer loan applications, which accounted for 94 percent of the total submitted, were down by 4.6 percent compared to the 2025 first half which represented a “turnaround” from the 14.8 percent growth enjoyed last year. However, this was balanced by a 3.7 percentage rise in the 2026 first-half approval rate to 86.7 percent. However, Mr Bowe described as “most positive” the 22.3 percent increase in commercial loan applications during the 2026 first half, suggesting this was a sign of growing business confidence and more persons starting their own businesses. The jump represented “a reversal from the 41.3 percent contraction last year, due to higher demand in New Providence and the Family Islands”, and the Central Bank said the approval rate for new business credit applications also rose by 2.7 percentage points to 91.2 percent compared to the 2025 first-half. “I think that what is most positive, and what I’m observing in my institution across the country, is commercial loan applications are increasing,” Mr Bowe told Tribune Business. “It’s a smaller base, but we are seeing more persons getting into enterprise and seeking financing.” He explained the high approval rate by disclosing that many corporate loan candidates have already “gone through a vetting exercise” through the likes

including its exposure to climate change and more frequent and powerful hurricanes. She added that, when at the Caribbean Development Bank (CDB), the rating agencies had warned climate risks mean no Caribbean nation will likely ever return to a ‘Triple-A’ credit rating. A return to ‘investment grade’, and escape from so-called ‘junk’ status, is not ruled out but The Bahamas remains three notches below the former. “I think we’re going to have to see what happens for the rest of this year, how sustainable this June number is, and get to the bottom of what is happening on the debt side,” the Bahamian economist added. “At some point, all this will fly in somebody’s face and it will be the taxpayer left holding the bag. We have not had a lot of discussion that we have a narrow tax base, and have among the lowest tax-to-GDP ratios in the region. Most developing countries have a higher tax-to-GDP ratio.” VAT collections more than doubled year-overyear for June 2026, growing by 119.6 percent from $113m to $248.3m on the back of enforcement to likely set a monthly record, even though the period only included payments from larger monthly filers. The June returns for quarterly VAT filers and payers are due to be submitted in July. The other major June boost came from what the Ministry of Finance

described as “significant gains in dividend income from several public entities” whose identities were not revealed. This produced a more than seven-fold jump in ‘other’ non-tax revenue from $23.3m in June 2025 to $172.8m. On the spending side, the Government’s outlay on goods and services increased more than fourfold in June 2026, rising year-over-year from $61.8m to $255.1m due to increased spending on “utilities and communications”. This is likely due to the Government settling arrears it owes to public corporations, which then sent these payments back to it as dividends. Speaking specifically to the June 2026 fiscal numbers, Ms Turner-Jones said far greater detail is needed to analyse both the monthly and full-year 2025-2026 outturn, as she zeroed in on the public corporation dividend payments plus the discrepancy between the debt expansion and Budget surplus. “My view is there’s still a lot we don’t know,” she told Tribune Business. “The transparency is definitely not there with what’s going on. My line is just that we need more information and there ought to be a breakdown of the arithmetic on what’s come in and what they’ve spent to come in at $39m. “The $39m surplus, according to what’s been presented to us, appears legitimate now, but it can’t be verified because it’s not

of the Small Business Development Centre (SBDC) to ensure their business plans are ready to be presented to the banks and other financiers. “What’s positive is commercial borrowing is increasing, which indicates businesses are back in a position of confidence of borrowing for expansion purposes. That is something that should be noted and supported by the Government,” Mr Bowe added. “Statistics and information like this should be the impetus for the Ministry of Economic Affairs to understand where the loan opportunities are coming from and make sure government policies are aligned to support these businesses in their development.” Turning to the survey findings as a whole, the Fidelity Bank (Bahamas) chief added: “What they [the Central Bank] have summarised is wholly consistent. Nothing is surprising. When we look at it, we know the overall credit quality in the country is not improving in the sense people are over-leveraged.

It’s not going backwards, but it’s not improving. “The number of applications is down and the number of applications approved is down. The amount of people simply not having the capacity to extend their borrowing in the absence of capacity there’s less willingness to even apply.” Mr Bowe said a turnaround in the Bahamian lending environment will likely only occur when there is a major positive economic shock. “When we look at the last 18 months, there hasn’t been any positive economic shock or negative economic shock, which means persons are in a state of rehabilitation and means the process is flat with the application volumes and dollar values.” Some 27 percent of loan denials were because applicants’ debt service ratios were already too high, raising doubts about their ability to take on new credit and repay it. The absence of sufficient loan collateral; inability to make the required down payment; under-employment; a past history of loan delinquency;

Healthier workforce is more productive WELLNESS - from page B2 create environments that support healthier lifestyles, they are not only improving individual lives; they are strengthening their companies, communities and the wider Bahamian economy. • NB: Ian R Ferguson is a talent management and

organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

been audited. Here, we are stuck with the data. I just find it all very cloak and dagger-ish.” Ms Turner-Jones noted that the Government’s last audited accounts, examined by the Auditor General, were for 2021 some five years ago. “The big missing chunk is the alignment of the debt,” she said. “How do you increase the debt by that amount and still end up with a surplus? That doesn’t make any mathematical sense. This is just a partial picture as painted but it’s all we have to go on. We can’t really talk about something unless it’s audited, and we’ve not had one for five years. “How did the debt go up so much and we say we have a surplus?” Ms Turner-Jones also challenged the amount of non-tax revenue, including dividend payments, that the Government received in June, asserting that the number was “an outlier” and “so huge” with nothing like it in previous years. Stripping it out would transform the surplus into a deficit approaching $200m. “We need more information on what that non-tax revenue is,” she said. “I’m very happy that these state-owned enterprises are turning over dividends, but we don’t have any profit-making state-owned enterprises. That’s a very extraordinary event. How did that happen? BPL is not over-performing. Where’s it coming from?” Moody’s, asserting that consistent Budget surpluses will not be able to rely on one-off revenue gains such as those enjoyed in June 2026, said sustaining increases in the Government’s income will also depend on achieving its 15 percent

corporate income tax, or domestic minimum top-up tax, targets. “Further consolidation will depend on higher DMTT receipts and restraint in primary spending. The fiscal 2027 budget projects DMTT revenue of $350m, a substantial increase from the first year of collections,” it added this week. “Our baseline forecasts an overall surplus of 1.5 percent of GDP and a primary surplus of 4.6 percent, compared with 0.2 percent and 4.1 percent, respectively, in fiscal 2026. Unlike the revenue-led improvement in fiscal 2026, our forecast assumes expenditure declines relative to GDP, while the revenue ratio remains broadly stable. “Primary expenditure growth slows to around 1.2 percent, from 15.7 percent in fiscal 2026, and interest payments fall to 3.1 percent of GDP from 3.8 percent. Achieving this spending path while establishing a reliable DMTT revenue stream will be important to sustaining larger surpluses,” Moody’s continued. “We expect sustained primary surpluses to support a gradual decline in government debt from 70.7 percent of GDP at end-fiscal 2026 to 67 percent in fiscal 2027 and 65.9 percent in fiscal 2028. “Lower interest costs should also improve debt affordability, with interest payments declining from 17 percent of revenue in fiscal 2026 to 13.9 percent in fiscal 2027. Revenue shortfalls or higher-than-projected primary spending would slow this improvement, limiting the rebuilding of fiscal space.”

inability to verify income; and lack of time on current job were other factors. Debt consolidation accounted for 17.3 percent of consumer loan applications during the 2026 first half, with credit cards and private cars taking a 24.3 percent and 13.6 percent share, respectively. John Rolle, the Central Bank governor, said of the survey findings: “The latest lending conditions survey revealed that over the first half of the year, although the number of credit applications decreased slightly, banks approved almost the same volume of requests as in 2025, resulting in a boost in the share of borrowers who were approved.” He added that domestic credit expansion, led by private sector lending,

had expanded at a faster pace through the first nine months of 2026 at 6.1 percent on “an adjusted basis” compared to 4.3 percent during the same period last year. “This included accelerated growth in consumer credit, and slightly faster residential mortgage gains, contrasting with a smaller advance in commercial credit. Lending risks further subsided compared to 2025,” Mr Rolle said. “In particular, the non-performing loans rate, or share of facilities falling three or more months behind in payments, decreased to 4.5 percent in September 2026 from 5 percent at the same point in 2025.”

THE TRIBUNE

Friday, October 30, 2026, PAGE 9

GN-3489 PRIVATE SCHEDULE OMNIBUS

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AMOUNT REQUESTED

Black Umbrella transportation & Tour Ltd Dowdeswell Street Nassau Bahamas

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Charles Pierre – Louis Mount Tabor Gardens P.O. Box N 8685 Nassau Bahamas David and Nadia Balfour Hill Crest Sub Division P.O.Box C.R. 56673 Nassau Bahamas Deangelo Scott Adastra Gardens Nassau Bahamas J’sian Forde Stapledon Gardens P.O. Box CB-12876 Nassau Bahamas Johnette Neely Fox Hill P.O. Box EE16499 Nassau Bahamas Kent Major Nassau East P.O. Box EE15247 Nassau Bahamas Kurt Major Glenniston Gardens P.O. Box N1507 Nassau Bahamas Marckenson Petit-Homme Dignity Way Nassau Bahamas Mario Mareus Cox Way Nassau Bahamas Nikita Sturrup Bush Tea Tours Nassau Bahamas Sharmaine Gray-Stuart Dowdeswell Stuart P.O. Box N9777 Nassau Bahamas Stevenson Ferlin Hamster Road Nassau Bahamas Sypron Brice Montgomery Avenue P.O. Box CR 54998 Nassau Bahamas Wellington Roberts Bethel Avenue P.O. Box GT 2146 Nassau Bahamas

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5 PRIVATE SCHEDULE OMNIBUS

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VARIATIONS TIME NO NAME/ADDRESS 3 PM

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Autry Rolle Alvern’s Bus Service Garden Hills Nassau Bahamas Brenda Rolle South Beach Estates P.O. Box CB 11784 Nassau Bahamas Christio Edgecombe Landcaster Road P.O. Box GT2936 Nassau Bahamas Ethel Rolle Mason Addition Nassau, Bahamas Evangelist McPhee & Perry McPhee Bamboo Town P.O. Box N7999 Nassau Bahamas Gregory Gardiner Tropical Gardens P.O. Box GT 2143 Nassau Bahamas Philip King Jr. 5 P Wheelers Nassau Village Nassau Bahamas Sherese Hamilton Winton East P.O. Box N-3841 Nassau Bahamas Stafford Nairn Northern Bus Service Nassau Bus Service Terinique Thompson Boaswain Hill West P.O. Box N1790 Nassau Bahamas David McCartney Fox Hill P.O. Box FH14158 Nassau Bahamas Cora and Dwayne Pratt Bamboo Town Nassau Bahamas

BISX-listed APD hires engineers, mulls financing for breakwaters

VARIATION REQUESTED Requesting Transfer plate Public Schedule Omnibus JN0384 to Charles Pierre- Louis. Requesting Henry Forbes (Deceased) Private Schedule Omnibus Transfer to her. Requesting to transfer four SD Car Plates to Raphael Sanchez Miller. Requesting transfer to Mr. Dencil Evans Jitney Plate own by the deceased Mr. Austin Rolle. Requesting transfer all Public Schedule and Private Schedule Omnibus from Evangelist McPhee (deceased) Evangelist McPhee & Perry McPhee Requesting to cancel Self Drive Scooters Franchise .

Requesting to return Self Drive Scooter Plates and Cancel Self Drive Cars Franchise Requesting to transfer three (3) SD CARS to Mr. Fanelson Chantal. Requesting to Transfer Public Schedule Omnibus Bus Plate number Jn401 to Benjina Mauricette Requesting to Transfer Public Schedule Omnibus Plate JN0170 from Gary Raphael (deceased) to Terinique Thompson. Requesting To Transfer Public Schedule Omnibus Queenis Bus Service Queenie Mae Miller (deceased) Requesting to delete Corell Pratt (deceased) from the Tour Car Franchise…

DR. KELSIE MUNROE (ACTING) CONTROLLER

income, or EBITDA (earnings before interest, taxation, depreciation and amortisation) margin, was two percentage points behind projections. “For the first two months of financial year 2027, ended August 31, 2027, total TEU volumes were approximately 1 percent below the year-to-date budget, while revenue exceeded budget by approximately 2 percent,” APD told shareholders and the Bahamian capital markets. “EBITDA was approximately 2 percent below budget, with an EBITDA margin of 50 percent compared with year-to-date budgeted margin of 52 percent. These early results provide an indication of the company’s performance entering financial year 2027, with the outlook for the remainder of the year subject to changes in cargo volumes and operating conditions.” APD added that “several construction and infrastructure development projects across New Providence are expected to contribute to cargo activity, including ongoing residential, commercial and energy-related developments”, thus pushing TEU volumes slightly higher than the 157,010 recorded for the 12 months to end-June 2026. “Management has budgeted total container volumes of approximately 160,000 TEUs for financial year 2027, reflecting expectations of continued activity in the construction and import sectors. Nevertheless, management remains cautious in its outlook, recognising that the timing and scale of project-related imports may influence actual cargo volumes and financial performance.” Dion Bethell, APD’s president and chief financial officer, in his report to investors signalled that the BISX-listed port operator has run out of patience

waiting for the Government and other stakeholders to act in addressing Nassau harbour’s deteriorating breakwaters and is prepared to lead the repair effort itself. He added that APD has hired specialist engineers to assess the current condition of the eastern and western harbour breakwaters, which protect the Nassau Container Port and other nearby shipping facilities, as well as Junkanoo Beach and other harbour users, from large waves during rough weather and hurricanes. Revealing that APD is also exploring financial options for effecting the repairs, Mr Bethell wrote: “Not every challenge can be solved within our gates. The condition of the Nassau harbour breakwaters is perhaps the clearest example. “APD’s interest in the western harbour breakwater began with a practical operational concern. Its deterioration allows significant wave energy into the harbour, creating conditions that can affect vessels alongside the Nassau Container Port and interrupt cargo operations. But the more closely we examined the issue, the clearer it became that this is not simply a port problem. “The same harbour conditions can affect cruise vessels, properties along the waterfront and Junkanoo Beach. When adverse weather prevents a cruise ship from entering Nassau Harbour, the economic consequences extend to taxi drivers, tour operators, retailers, restaurants, beach vendors and many others whose livelihoods depend upon visitors coming ashore.” Indicating that APD can no longer wait, Mr Bethell added: “APD has therefore engaged specialist engineering expertise to reassess the western and eastern breakwaters and consider solutions capable of providing greater longterm resilience. “We believe the objective should extend beyond

repairing what has deteriorated. The question is how Nassau Harbour can be better prepared for the severe weather events it may face in the future. We are also examining potential financing approaches so that our engagement with government can be constructive and solutions-oriented. “Good infrastructure is often most appreciated when it fails. Our responsibility is to do everything we reasonably can to address known vulnerabilities before that happens.” Mr Bethell had last year said the failure to repair Nassau Harbour’s western breakwater remains the greatest risk for APD’s “safe operations” and the smooth functioning of New Providence’s import economy. He added that the breakdown in protection provided to commercial shipping carriers when docked, or trying to dock, at Arawak Cay had once again “crippled cargo operations” on days when there was bad weather and rough seas. “The western harbour breakwater remains the single most consequential infrastructure risk for safe cargo operations. This year, severe weather once again underscored the urgency of action, crippling cargo operations while cruise vessels remained relatively unaffected, and causing significant coastal erosion along Junkanoo Beach, one of the region’s busiest tourism sites,” Mr Bethell said then. “APD continues to advocate for an immediate public–private solution. Every season of delay compounds risk for vessels, crews and commerce. Addressing this vulnerability will be a defining act of national resilience.” Mr Bethell had last month told Tribune Business that the Nassau Harbour breakwater repairs remain “a work in progress”.

Governor warns energy, fuel inflation can dampen outlook EXPANSION - from page B1 investment (FDI), particularly in residential real estate, hotels and cruise-related developments. “The Central Bank still expects the economy to grow at a rate that exceeds 3 percent in 2026,” he said, noting that the pace of expansion remained above the country’s estimated medium-term potential growth rate of between 1.5 and 2 per cent annually. Mr Rolle said the stronger performance reflected increased investment and hotel capacity expansion, alongside continued improvements in tourism. Stopover earnings grew at a faster rate than in 2025, supported by higher visitor volumes, hotel occupancy levels and room rates. The vacation rental market also recorded expanded sales and higher pricing, while cruise activity continued to grow alongside investment in private cruise destinations. Demand from the US, the country’s largest visitor market, also recovered, supplementing continued growth in arrivals from non-US markets, particularly Canada. “In line with the healthy growth in tourism and foreign investment receipts, measured foreign exchange inflows further strengthened in 2026. Through the first nine months of the year, commercial banks’ total purchases of foreign currency from the private sector grew at an accelerated pace of 13.9 percent to $6.6bn,” Mr Rolle said. “However, amid stronger credit expansion and other import demand stimulus,

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sales of foreign currency to the private sector rose at a faster rate, by 15.4 percent to $6.4bn. As a result, commercial banks’ net purchase of foreign exchange from customers was moderately tapered in comparison to 2025, and commercial banks therefore made a smaller net sale of foreign exchange to the Central Bank.” Mr Rolle cautioned that the economy remains exposed to external developments that could slow growth, particularly the prolonged conflicts in the Middle East and Eastern Europe, elevated global oil prices and uncertainty surrounding international trade policies. He said the Bahamian economy was bearing the cost of these developments through higher imported prices, including fuel and energy costs. “The economy bears the burden of those costs no matter what,” said Mr Rolle. He also pointed to international monetary policy conditions, which were maintaining “a higher than otherwise anticipated cost of debt financing”, adding to the challenges facing foreign investment projects and limiting the interest savings the Government might otherwise have achieved on its foreign currency debt. Mr Rolle said these downside risks did not necessarily mean the economy will move from growth into contraction, but could prevent it from expanding as quickly as it otherwise would have. “Somewhere in the numbers that you see, it means that you’re growing slower than you would have been experiencing in the absence of those headwinds,” he said. Higher financing costs could make certain foreign investment projects financially unviable, Mr Rolle explained, while weaker

consumer confidence and household finances could discourage some visitors from travelling to The Bahamas. Despite those pressures, the Governor said the country remained in a comfortable position from a foreign reserves standpoint, with no imminent risk to the Bahamian dollar’s fixed exchange rate. The Central Bank estimated that external reserves stood at $2.8bn at the end of October 2026, slightly below the $2.9bn recorded at the same point in 2025, when government external borrowing proceeds had helped boost the balance. Mr Rolle said reserves remained “more than adequate to support the Bahamian dollar fixed exchange rate”, with the Central Bank expecting them to close the year at a stable to mildly lower position than in 2025. Private sector credit growth strengthened to approximately 6.1 per cent on an adjusted basis during the first nine months of the year, compared with 4.3 per cent over the same period in 2025. The banking sector also recorded an improvement in loan performance, with non-performing loans declining to 4.5 per cent in September from 5 per cent a year earlier. Looking beyond the current growth forecast, Mr Rolle said The Bahamas’ longer-term growth potential could improve if structural challenges, particularly the cost of doing business and energy costs, were addressed. “If we have cheaper energy, we could increase that medium term and push it outside of that 1.5 to 2 percent [GDP growth] range,” he said.

THE TRIBUNE

Friday, October 30, 2026, PAGE 11

A historic drop for Alphabet’s stock drags the US market lower By STAN CHOE AP Business Writer

meet analysts’ expectations for growth amid concerns about how much it’s spending to invest in AI. Alphabet said late Wednesday that it burned through more cash during the latest quarter, according to a measure called free cash flow, after its purchases of property and equipment topped $51 billion. Worries are weighing on the entire AI industry following a frenzy to build data centers and fill them with AI chips. Not only are concerns high that the AI revolution may not produce as much profit and productivity as hoped, future spending on data centers is also under pressure because of how expensive it’s become to borrow money to buy more chips. Alphabet’s drop overshadowed what would have otherwise been a good day for the U.S. stock market. Four out of every five stocks within the S&P 500 climbed, and the index would have been higher if not for Alphabet.

Many companies rallied after reporting stronger profits for the summer than analysts expected, including KLA Corp. The company, whose equipment helps make semiconductors, rose 5.5%. Eli Lilly climbed 6.6%, Mastercard rose 4.2% and Merck added 3.8%. DoorDash rose 5.6% after saying it agreed to buy Instacart in a deal valuing it at $17 billion. DoorDash also reported stronger profit and revenue for the latest quarter than analysts expected. Norwegian Cruise Line Holdings steamed 13.4% higher after likewise topping expectations for summertime profit and revenue. It benefited from cruisers spending more money once aboard ships than the company expected, among other things. Expectations are high for profit growth broadly across U.S. companies. That’s what allowed the S&P 500 to set its record earlier this month despite high interest rates

Amazon delivers disappointing 3Q results and offers cautious outlook for holiday period

to a measure called free cash flow, after its purchases of property and equipment topped $51 billion. Its stock plummeted Thursday. Such worries are weighing on the entire AI industry following a big push to build data centers and fill them with AI chips. Amazon reported net income of $20.69 billion,

A HISTORIC drop for Alphabet’s stock dragged the U.S. market lower Thursday after the company behind Google and YouTube reported weaker growth for the summer than analysts expected. The report underscored worries about whether all its huge investments in artificial-intelligence technology will pay off. The S&P 500 fell 0.3% for its first loss in four days, even though the wide majority of stocks rose within the index and across Wall Street. The Nasdaq composite tumbled 1.4%, while the Dow Jones Industrial Average dropped 132 points, or 0.3%. Alphabet is one of the most influential stocks on Wall Street because it’s one of the largest, and the Class A shares of its stock fell 12.6% for their worst day since they began trading more than 20 years ago. The tech giant had been under pressure to at least

By ANNE D’INNOCENZIO AP Retail Writer AMAZON offered a cautious sales outlook for the current fourth quarter that encompasses the critical holiday shopping period after delivering fiscal third-quarter results that came in below Wall Street analysts’ expectations. The Seattle-based tech giant, however, posted strong sales growth in its prominent cloud computing unit. Sales in its so-called Amazon Web Services rose 39.3% during the latest quarter ended Sept. 30, higher than the 37% clip in the previous quarter. It marked the fastest growth rate in nearly five years, the company said. Still, shares were down more than 5% in after-market trading when the results were released as investors focused on the core business. Analysts will be looking for any comments from Amazon executives on the earnings call Thursday about the holiday shopping season. The tech giant said earlier this month that it would hire 300,000 U.S. seasonal workers for the shopping period. That’s up from 250,000 last year.

Investors also have been closely watching Amazon’s quarterly earnings to see if the company’s big spending on artificial intelligence is starting to pay off. CEO and President Andy Jassy disclosed to investors in July that it now expects capital spending, mostly in artificial intelligence, to total $220 billion. That number includes outlays on robots, semiconductors and satellites. That’s up from the $200 billion investment plan that was announced in February and well above the $128 billion in capital spending for all of last year. Jassy had cited the higher cost of memory chips as the main reason for the increase. Jassy told investors this past summer that even at the $220 billion level, Amazon will not have enough capacity to meet all of the demand it has this year. The latest earnings report from Alphabet late Wednesday raised alarm bells when it reported weaker growth for the summer than analysts expected. The company behind Google and YouTube also said it burned through more cash during the latest quarter, according

NOTICE NOTICE is hereby given that I CINDY PRATT DUPERVAL of P.O.Box AP59247, #7 Terrace Centerville, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that LENDSKY JUSTIN of Williams Lane off Kemp Road, New Providence, Bahamas of America is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 23rd day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

TRADERS DREW COHEN, left, and Dylan Halvorsan work on the floor of the New York Stock Exchange, Monday, Jan. 26, 2026. Photo:Richard Drew/AP and other worries weighing on the stock market. All told, the S&P 500 fell 23.59 points to 7,720.39 Thursday. The Dow Jones Industrial Average dropped 132.54 to 52,342.56, and the Nasdaq composite tumbled 365.13 to 26,184.72. In the bond market, Treasury yields eased following several mixed reports on the U.S. economy. The overall economy’s growth may have accelerated more during the summer than economists expected, thanks to spending by U.S. consumers and businesses investing in AI, according to a preliminary report. But Americans’

growth in incomes was weaker in September than economists expected, while a measure of inflation worsened. Fewer U.S. workers applied for unemployment benefits last week, meanwhile, which could indicate few layoffs across the country. Following the jumble of reports, the yield on the 10-year Treasury fell to 4.94% from 5.05% late Wednesday. It’s been generally pulling back since it topped 5.30% earlier this month and touched its highest level since 2002. Helping to drag yields lower on Thursday was a drop in oil prices. The price

for a barrel of Brent crude oil fell 0.8% to $110.80. In stock markets abroad, indexes rose in Europe after the European Central Bank held interest rates steady on the continent. The bank’s president, Christine Lagarde, also said she will resign in February, nine months before the end of her term. In Asia, indexes were mixed. South Korea’s Kospi fell 1.2% due to a drop for market heavyweight Samsung Electronics, which sank 4.1% even though it reported a jump in profit. topped forecasts

or $1.89 per share, in the three-month period. That compares with $21.19 billion, or $1.95 per share, in the year-ago period. Net sales rose 12% to $201.94 billion, compared with the same year-ago period’s $180.17 billion. Amazon said that sales were hurt by the shift in the calendar for the

company’s big sales event Prime Day, which fell in the second quarter this year for most large countries. In 2025, Prime Day occurred entirely during the fiscal third quarter. Excluding this shift, third quarter year-over-year sales growth would have been approximately 400 basis points, or 4%, higher,

Amazon said. Analysts were expecting $1.97 per share on sales of $202.2 billion, according to FactSet. For the fourth quarter, Amazon said it expects net sales to be between $240 billion and $247 billion, which translates to a 12% to 16% increase compared with the year-ago period.